Industry veteran joins as regional VP of in-market retail
Mortgage giant loanDepot (LDI) has named Nancy Smith (pictured) as regional vice president of in-market retail, to lead its growing Colorado and Wyoming branches.
Smith brings extensive experience from her previous roles at Bank of America, MetLife Home Loans, Caliber Home Loans, and Homeowners Financial Group. Her strong relationships and experience in building successful partnerships with local real estate companies and financial institutions in the Mountain States region were key factors in her appointment, loanDepot said.
“There is no-one better to help us serve the needs of our Colorado and Wyoming teams,” LDI mortgage president Jeff Walsh said in the company’s media release. “Not only is Nancy a proven partner who will help our originators further hone their skills and expand their reach, we’re confident her impressive leadership will attract other top producers in the region.”
loanDepot executive vice president John Bianchi commented: “Nancy is well known for her success building highly productive teams in the Colorado, Wyoming, Arizona, Utah and New Mexico markets. Equally important, she emphasizes her teams’ growth and development based on the core values of integrity, respect, and accountability, which perfectly align with our company culture. I am tremendously excited to have Nancy join us and take our Colorado and Wyoming teams even further.”
loanDepot’s announcement of Smith’s appointment follows its release of second-quarter 2024 financial results. The company reported a net loss of $66 million, which included $27 million in charges related to a cybersecurity incident in the first quarter and $6 million tied to debt extinguishment.
However, adjusted net loss improved by 56%, decreasing to $16 million compared to the same quarter in 2023.
Read next: loanDepot offers $9k down payment assistance to non-prime borrowers
“As we approach a return to sustainable profitability, the second quarter was marked by two very significant milestones,” said loanDepot chief financial officer David Hayes. “The first is our successful tender and exchange of $500 million of corporate notes coming due in the fourth quarter of 2025. The net result of the exchange was to reduce the principal balance of our debt by $137 million and extend the maturity to 2027.”
Revenue for the second quarter reached $265 million, with adjusted revenue hitting $278 million – rebounding from losses during the market downturn in early 2022.
“During the second quarter, by most measures, we delivered our strongest operational results since the beginning of the market downturn that began in the first quarter of 2022,” said president and CEO Frank Martell.
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